Due to its lightweight, high strength, good machinability, and low cost, aluminum alloy has been widely used in fields such as aerospace, automotive, electronics, and construction. Traditional manufacturing processes for aluminum alloys often suffer from low material utilization, complex procedures, and long manufacturing cycles. Therefore, more and more scholars are turning their attention to the laser powder bed fusion (LPBF) process for aluminum alloys, which has the advantages of high material utilization, good formability for complex structures, and short manufacturing cycles. However, the widespread promotion and application of LPBF aluminum alloys still face challenges. The excellent printable ability, favorable mechanical performance, and low manufacturing cost are the main factors affecting the applicability of the LPBF process for aluminum alloys. This paper reviews the research status of traditional aluminum alloy processing and LPBF aluminum alloy and makes a comparison from various aspects such as microstructures, mechanical properties, application scenarios, and manufacturing costs. At present, the LPBF manufacturing cost for aluminum alloys is 2–120 times higher than that of traditional manufacturing methods, with the discrepancy depending on the complexity of the part. Therefore, it is necessary to promote the further development and application of aluminum alloy 3D printing technology from three aspects: the development of aluminum matrix composite materials reinforced with nanoceramic particles, the development of micro-alloyed aluminum alloy powders specially designed for LPBF, and the development of new technologies and equipment to reduce the manufacturing cost of LPBF aluminum alloy.